Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on october 1, doe hunting supplies, a calendar-yea

On October 1, Doe Hunting Supplies, a calendar-year company, sold inventory that cost $60,000 for...

80.2K

Verified Solution

Question

Accounting

On October 1, Doe Hunting Supplies, a calendar-year company, sold inventory that cost $60,000 for $100,000. The customer signed a six-month, 10 percent note in payment. On December 31, Woods should

Select one:

a. Debit Interest Receivable for $2,500

b. Debit Interest Revenue for $2,500

c. Credit Interest Revenue for $10,000

d. Debit Interest Receivable for $10,000

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Geometry
1.2K views

Sketch the graph of a polynomial function with zeros at x 5 3 and 2...

Basic Math
1.2K views

Let R(x), C(x), and P(x) be, respectively, the revenue, cost, and profit, in dollars, from the...

Psychology
1.2K views

As the parent of a third grader, you are growing concerned about your daughter’s level of...

Calculus
1.2K views

Consider the function f x x a Compute the derivatives f 4 f 4 and...

Algebra
1.2K views

Question 26 1 point E Listen The difference of a cubic function and a quadratic...

Accounting
1.2K views

Una empresa realiza $3,000 en servicios durante el mes y factura a los...

Accounting
1.2K views

Net income decreases the capital account; therefore, it is always a debit to the balance...

Accounting
1.2K views

Carla Vista Limited reported the following information (in millions) at December 31,2024 : sales $19,000;...

Accounting
1.2K views

Note that normal probability plots C and D have a slight stepwise pattern. Why do...

Accounting
1.2K views

1. Please provide general journal entries for each of these transactions in the space provided...

Accounting
1.2K views

Gridiron Merchandising anticipated selling 30,000 units of a major product and paying sales commissions of...

Finance
1.2K views

Arrange the following items in parentheses or a minus sign.) proper balance sheet presentation: (Amounts...